<p data-end="1587" data-start="1236">The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.</p>

<p data-end="1587" data-start="1236">Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.</p>

<p>The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;</p>

<p>The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;</p>

<p>LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;</p>

<p>Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;</p>

<p>Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;</p>

<p>At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;</p>

<p>“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.</p>

<p>"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.</p>

<p>“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;</p>

<p>Fast Facts: What is Resilience LDI?&nbsp;</p>

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>


The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

<p>Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.</p>

<p>Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.</p>

<p>There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.</p>

<p><img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" /></p>

<p>Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.</p>

<p>"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."</p>

<p>The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;</p>

<p>The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;</p>

<p>Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a></em></p>

<p><em>Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a></em><br />
&nbsp;</p>


Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

<p>Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.</p>

<p>The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.</p>

<p>Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.</p>

<p>The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.</p>

<p><img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" /></p>

<p>A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.</p>

<p>Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.</p>

<p>New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.</p>

<p>GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.</p>


First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

<p>A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.</p>

<p>The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.</p>

<p>Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.</p>

<p>[smartcode_project:default project_id=135876 project_image_fid=368853]</p>

<p>The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.</p>

<p>GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.</p>

<p>Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.</p>

<p>[smartcode_project:default project_id=135876 project_image_fid=368851]</p>

<p>The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.</p>

<p>The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.</p>

<p>[smartcode_project:default project_id=135876 project_image_fid=368852]</p>

<p>For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.</p>

<p>GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.</p>

<p>"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.</p>

<p>"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."</p>

<p>[smartcode_project_cta:default project_id=135876]</p>


GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<p><a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.</p>

<p>The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.</p>

<p>&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.</p>

<p>The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.</p>

<p><img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" /></p>

<p>A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.</p>

<p>The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.</p>

<p>"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.</p>

<p>The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.</p>

<p>Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."</p>

<p>The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.</p>

<p><img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" /></p>

<p>The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.</p>

<p>S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.</p>

<p>Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.</p>

<p>John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.</p>


First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Lend Lease

<html><body>
<div>Lend Lease actually reported its FY2017 results, which confirmed a solid+9 percent lift in post-tax profit to $758.6 million. </div>
<div> </div>
<div>The market wasn't greatly moved, of course, since the group inadvertently dumped a stack of market sensitive information out to to the public at the beginning of the month, including the unaudited EBITDA (oops).</div>
<div> </div>
<div>As accounting stuff-ups go, it was a rather impressive one (disclosure: I made similar goofs in my listed company career) though in the end relatively little harm was done, save a little embarrassment.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Defaults under 1pc</span></strong></div>
<div> </div>
<div>Reading through the investor presentation it was interesting to note a +20 per cent uplift in residential unit completions in the 2017 financial year.</div>
<div> </div>
<div>Approximately 90 per cent of apartment completions have already settled, with a default rate of under 1 per cent.</div>
<div> </div>
<div>This follows on from similarly low default rates reported by other developers during earnings season.</div>
<div> </div>
<div>This is very important, for there had been fears of a wave of Chinese investor defaults following on from local lenders pulling up the ladder.</div>
<div> </div>
<div>To date, this does not appear to have transpired.  </div>
<div> </div>
<div>In other news, S&amp;P reported a drop in loan delinquencies from 1.21 per cent in May to just 1.15 per cent in June. </div>
<div> </div>
<div>Declines were recorded "across the board" for 30,60 and 90 day mortgage arrears, with a corresponding fall in outstanding loan balances, with Queensland showing the biggest drop in arrears. </div>
<div> </div>
<div>This broadly mirrors what you'd expect to see given extremely low mortgage rates for homeowners, and a national unemployment rate that has been trending down for several years now.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">No stress?</span></strong></div>
<div> </div>
<div>Countless media articles have claimed that mortgage stress is rising - often referred to as a "perfect storm" no less! - perhaps based upon household cash flow surveys.</div>
<div> </div>
<div>But in reality so many households have been repaying ahead of schedule into offset accounts that it wouldn't be a surprise if some net monthly cashflows showed an outflow. </div>
<div> </div>
<div>With the aggregate value of the housing stock exploding to $7.1 trillion against mortgage debt of around $1.6 trillion, it also wouldn't be a surprise to me if some of the benefiting households have taken a breather on their earnings either. </div>
<div> </div>
<div>In any event, with the possible exception of Western Australia mortgage arrears remain low to date, which is about the only indicator that matters, when all's said and done. </div>
<div> </div>
<div>
<p class="p1"><span class="s1">PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank"><span class="s2">AllenWargent</span></a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank"><span class="s2">blogger</span></a>.</span></p>
<p class="p2"><span class="s3"><em>His latest book is </em><a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank"><span class="s2"><em>Four Green Houses and a Red Hotel</em></span></a><em>.</em></span></p>
</div>
</body></html>

pwargent-M4siyDbqQY

Lend Lease report low apartment default rate

<html><body>
<p><span>The residential recovery will unfold over years, rather than the 2019 spring quarter, according to Lendlease's chief executive for property in Australia, Kylie Rampa.</span></p>
<p><span> "We feel we are in the trough of the residential market. It is bottoming out," Rampa said.</span></p>
<p>She cited "a dislocation in the credit markets" following the Hayne Royal Commission as a significant factor that had dragged on the market.</p>
<p>She also told Nine Entertainment that the market was hurting from Chinese capital controls, along with increased stamp duty and taxes for foreign purchasers.</p>
<p>Low interest rates and improving affordability were helping the recovery, she said.</p>
<p>"We think it will flow through over a period of time. We're not expecting a full recovery in a quarter.</p>
<p>"You start to get some price growth then you get some more activity, it all starts building. It will take time. Over the next two to three years we think the market will continue to strengthen.</p>
<p>"We always say 'you go up by the stairs and down by the elevator'," she said.</p>
<p>"It takes time for the credit market to come back. It is coming back but it is not back to where it was at the peak of the cycle."</p>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Property price recovery to take years not months: Lend Lease's Kylie Rampa

<html><body>
<p>​Lendlease has officially reported a slowdown in its Australian residential sales.</p>
<p>Slowing sales in projects were highlighted by its Collins Wharf 1 project which sits at 89% sold.</p>
<p><a href="https://www.realestate.com.au/project/no-1-collins-wharf-docklands-600012046" target="_blank">The Melbourne project</a> was at 87% sold a year earlier.</p>
<p>It is marketed as one of the city’s most esteemed addresses, designed by architects Bates Smart.</p>
<p>Located within the Victoria Harbour Precinct on Melbourne’s Bourke and Collins Streets, No.1 Collins Wharf is being marketed as poised to set a new benchmark in waterfront living.</p>
<p>It offers apartments on just a 5% deposits. </p>
<p>Group chief executive Steve McCann conceded "most markets are past their peak" when he presented the latest annual report which triggered a 2% drop in its share price yesterday.  </p>
<p>Mr McCann said there was a tightening of credit due to higher debt costs, and regulatory impacts, partly from the banking royal commission, which had seen inquiries drop off recently.</p>
<p>“We are not calling a massive correction, but we do see a bit of a slowdown,” he told The Australian.</p>
<p>Luxury unit markets offshore had also been soft a for a while, he added.</p>
<p>Lendlease's local apartment completions nearly halved. Completions in the year to June fell to 1314 from 2533 a year earlier.</p>
<p>Apartment projects were completed in Sydney, Melbourne, Brisbane and London.</p>
<p>Presold lots in its big residential communities slowed to 3,231 lots in financial 2018 from 3,896 in the previous period.</p>
<p>Land lot completions across the Australian master planned communities portfolio sat at 3,912.</p>
<p>Key projects included Springfield Lakes in Queensland and Jordan Springs in New South Wales.</p>
<p>And its settlement failures increased. Earlier this year it advised Brisbane was the most challenging inner-city apartment market in the country.</p>
<p>"Inevitably there will be a rise in defaults in this market over the short term," the developer pointed out. </p>
<p>"We are working through our relatively small exposure at our RNA projects in Brisbane, including identifying potential alternate buyers, or holding the residual units for a period and renting them out."</p>
<p>It has just 15 active projects, with its focus overseas. </p>
<p>Major property developer Lend Lease is hedging against an Australian slowdown by expanding developments offshore.</p>
<p>In announcing a 4.5% rise in full-year profit to $793 million, Lendlease pointed to its full pipeline of projects in Europe, the US and Asia as driving medium term growth.</p>
<p>About 60% of Lendlease's $72 billion development pipeline is offshore.</p>
<p>The communities pipeline consists of an estimated 52,333 lots across four continents.</p>
<p>The backlog of apartments for sale has grown from 22,000 last year to 26,000.</p>
<p>The listed developer advised it was bracing for rising defaults in Brisbane's oversupplied apartment market.</p>
<p>Its chairman of the board, David Crawford departs following the 2018 Annual General Meeting, having served as chairman since 2003.</p>
<p>Michael Ullmer is his successor.</p>
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jchancellor-FAypfDUnLy

Lendlease confirms most Australian residential markets are past their peak

<html><body>
<p>On Friday April 6th, Minister for Planning Richard Wynne approved an amendment to the Melbourne Planning Scheme, allowing construction to commence on Carlton Connect - a major University of Melbourne project being developed in partnership with Lendlease at the site of the old Royal Women’s Hospital in Carlton. </p>

<p>The recent approval follows on from the University of Melbourne announcing a partnership with a consortium led by Lendlease in November 2017, to develop a new innovation precinct on the former site of the Royal Women’s Hospital, located at the corner of Swanston and Grattan streets in Carlton.</p>

<p>The precinct will be located adjacent to the University of Melbourne’s Parkville campus, which hosts some of the world’s top researchers and forms part of the Parkville National Employment and Innovation Cluster that will be serviced by the future Parkville Station as part of the Metro Tunnel Project.   </p>

<p>National Employment and Innovation Clusters are a key feature of Plan Melbourne with the clusters located across Melbourne, in an effort to drive down congestion and ensure people spend less time commuting.</p>

<p>Carlton Connect will create more than 3,000 direct jobs and more than 5,000 indirect jobs within close proximity to the Melbourne CBD, providing the tools, platforms and services to create an ecosystem where start-ups emerge and cutting-edge products and services are developed.</p>

<p>The 74,000 sqm precinct will feature a series of connecting buildings arranged around a central and publicly-accessible open space. In addition to co-working and commercial office space, the precinct will feature a Fab Lab, student accommodation and a ‘Superfloor’ dedicated to collaboration and fostering the exchange of ideas.</p>

<p>It will also provide shops, cafes, public spaces, accommodation for more than 500 students and visiting academics, a childcare centre and Science Gallery Melbourne, which will deliver cutting-edge exhibitions, events and experiences.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/artist-impression_science-gallery-melbourne_grattan-swanston-street-corner-1024x884.jpg" rel="gallery-all" title="The new Science Gallery Melbourne will be located on the corner of Grattan and Swanston Street. Image : University of Melbourne"><img alt="" class="image-article-full-width-580px" height="501" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/artist-impression_science-gallery-melbourne_grattan-swanston-street-corner-1024x884.jpg?itok=8oGHcn_T" title="The new Science Gallery Melbourne will be located on the corner of Grattan and Swanston Street. Image : University of Melbourne" width="580"></a>

<figcaption>The new Science Gallery Melbourne will be located on the corner of Grattan and Swanston Street. Image : University of Melbourne</figcaption></figure><p>Project partner Lendlease's ambitions for the development are to regenerate the former Royal Women’s Hospital site into an open, light and modern precinct, delivering a bold new architectural statement.</p>

<p>The consortium delivering the innovation precinct in partnership with the University of Melbourne comprises Lendlease as developer, builder, co-investor and investment manager of the commercial space; GIC as major co-investor of the commercial space; Spotless as the facilities manager; and Urbanest as investor and manager of the student accommodation.</p>

<p>Early works on site commenced on November 21, 2017 with hoardings installed around the perimeter of the building site. With planning approval in hand, construction is expected to commence in mid-2018 with a 2020 completion anticipated.</p>

<h2><strong>WHAT THEY SAY</strong></h2>

<blockquote>
<p> This project ticks all the boxes. It’s making good use of a flagship site, it’s driving our reputation as a world leader for education and innovation, it’s creating thousands of jobs and will contribute billions to our economy.</p>

<p><em>- Richard Wynne, Minister for Planning</em></p>
</blockquote>

<blockquote>
<p>This development will set a new benchmark in education and industry collaboration in a purpose-built facility that meets the highest standards of design and sustainability, while also honouring the site’s heritage and history.”</p>

<p><em>- Mark Menhinnitt, Managing Director for Lendlease Urban Regeneration</em></p>
</blockquote>

<blockquote>
<p>Innovation emerges from vibrant and collaborative environments where people are encouraged to share skills and ideas as they work and socialise together, and we hope the mix of people and ideas will spark new knowledge and new ways of doing things.</p>

<p><em>- Dr Julie Wells, University of Melbourne Vice Principal of Policy and Projects </em></p>
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<p>Innovation emerges from vibrant and collaborative environments where people are encouraged to share skills and ideas as they work and socialise together.</p>

<p><em>-  (Research) Professor Jim McCluskey, University of Melbourne Deputy Vice-Chancellor</em></p>
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Laurence Dragomir

Carlton Connect Initiative Approved - construction to begin mid-year

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<p><span>Lendlease have received planning approval to build its third and final commercial tower at Melbourne Quarter. </span></p>
<p>Two Melbourne Quarter, a 25-storey office tower at 697 Collins Street, will feature 49,000sqm of total office space,<span> sufficient to accommodate around 4,500 new workers and 800sqm of retail space on the ground floor. </span></p>
<p><span>Mark Menhinnitt, <span>Lendlease managing director of urban regeneration and infrastructure development, </span>said planning approval for the Woods Bagot-designed tower coincided with a period of strong demand for high-qua</span><span>lity office space in Melbourne’s </span><span>CBD. </span></p>
<p><span>“Lendlease has seen strong leasing activity push the national CBD vacancy rate to its </span><span>lowest level in four years, and with a predicted shortage of prime grade contiguous office space in the near future, this has helped spur on pre-</span><span>commitment activity,” he said. </span></p>
<p><span>“</span><span>This project will cater for the continued growth and strong tenant demand for new office space in Melbourne as both national and global businesses target the new supply of buildings coming to market in the </span><span>city’s CBD</span><span>.</span> </p>
<p><span>"Two Melbourne Quarter will open out on to a new public plaza on Collins Street, a centerpiece of the Melbourne Quarter precinct, and will also feature a four-storey public staircase connecting to Aurora Lane. </span></p>
<p><span>“Next year </span><span>will see the completion of the precinct</span><span>’s </span><span>first office tower, One Melbourne Quarter, which will be home to our new Lendlease Victorian headquarters in September</span><span>.” </span></p>
<p><span>In addition to 130,000sqm of agile office space for more than 12,000 employees, more than 50 percent of the Melbourne Quarter precinct will be open space. </span></p>
<p><span>Two Melbourne Quarter will target leading sustainability outcomes in water consumption, waste management and indoor environment quality, including a 6 Star Green Star rating and a 5 star NABERS energy rating. </span></p>
<p><span>Two Melbourne Quarter is one of seven commercial and residential buildings planned for the development. Activity continues to forge ahead on site, with </span><span>the precinct’s first </span><span>residential tower East Tower under construction. </span></p>
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jrobinson-rf4aSBido9

Melbourne Quarter’s final commercial tower approved: planning for growing demand

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<p class="selectionShareable">Lendlease has appointed high-profile former public servant and finance executive Elizabeth Proust to its board.</p>
<p class="selectionShareable">The announcement of her becoming an independent non-executive director from next February came ahead of its annual general meeting on Friday.</p>
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<p class="selectionShareable">Ms Proust, one of the country’s top business figures and networkers, will join the David Crawford-led board which includes Nicola Wakefield Evans and Jane Hemstritch.</p>
<p class="selectionShareable">She was recently listed on the list of <span>15 of Australia’s super networkers by the Institute of Managers and Leaders.</span></p>
<p class="selectionShareable">The new Lendlease director spent eight years at ANZ Group, including four years as managing director of Esanda.</p>
<p class="selectionShareable">Before joining ANZ, Ms Proust ran Victoria’s Department of Premier and Cabinet and had been chief executive of the City of Melbourne.</p>
<p class="selectionShareable">Ms Proust is also chairman of the Australian Institute of Company Directors and of Nestle’s Australian arm, as well as heading the Bank of Melbourne’s advisory board.</p>
<p class="selectionShareable">Ms Proust is also deputy chairman of the Catholic Church’s Truth, Justice and Healing Council.</p>
<p class="selectionShareable">Mr Crawford said that Ms Proust was highly regarded in both the public and private sectors and her appointment would enhance the board’s mix of skills, diversity and experience.</p>
<p class="selectionShareable">A<span>n Australian Council of Superannuation Investors report in 2015 showed that women accounted for almost 40 per cent of the directors who were appointed by S&amp;P/ASX 100 companies in the previous 12 months, adding about 50 per cent them already held directorships at other companies. </span></p>
<p class="selectionShareable"><span>After the report's release Australian Institute of Company Directors chair Elizabeth Proust rejected suggestions of a "girls club" at ASX 100 companies.</span></p>
<p class="selectionShareable"><span>She also advised women against stepping down from executive roles in order to become non-executive directors.</span></p>
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Elizabeth Proust joins Lend Lease board 

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<p>Lend Lease will begin its largest commercial tower in its $6 billion Sydney's Barangaroo South project with a pre-commitment from two cornerstone tenants -  PricewaterhouseCoopers Australia and HSBC Bank Australia. </p>
<p>In a statement to the ASX, Lend Lease said it should be as an anchor tenant of Tower 1, PwC has entered into an agreement to take 26,500 square metres or  12 floors in the 49-storey building. HSBC has signed heads of term for the bank to take 8,000 square metres of space or 3.5 floors in the building.</p>
<p>Lend Lease will commence the development and funding of 100% of the building, known as Tower 1 of International Towers Sydney, via existing capital sources. It intends to introduce co-investors into Tower 1 at an appropriate time in the future.</p>
<p>Lend Lease Group chief executive, Steve McCann, said "prior to today’s announcement, we were already ahead of where we expected to be at this stage of the evolution of the Barangaroo South precinct, with two towers 77% leased and under construction, and the first two apartment buildings sold".</p>
<p>As part of its announcement, the listed property group said it had entered into an agreement to reduce its co- investment in Lend Lease International Towers Sydney Trust (LLITST) from 25% to 15% via a sale to international pension fund APG. </p>
<p>Following completion of the sale of the 10 per cent interest, Lend Lease’s equity commitment to LLITST will reduce from $500 million to $300 million.</p>
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